A Jersey medicinal cannabis producer that was on the brink of collapse less than a year ago says it has tripled its production and is now on track to hit record revenue – in a sign that the Island's cannabis sector may be stabilising after a string of setbacks. Northern Leaf chief executive Steven Tan said the company's production has jumped from 25% to 75% of capacity in less than a year as demand for medical cannabis grows in Europe.
"Our order book is full and we're selling pretty much everything subject to contract, so it's really positive," he said. The company, which operates out of a 100,000 square foot indoor cultivation centre in St Lawrence exports 95% of its high-THC medical cannabis to Europe and is not linked to medical cannabis clinics in Jersey.
Mr Tan, who has worked in the cannabis industry for more than two decades, joined Northern Leaf in September to restructure the business after it found itself in a difficult financial position.
The company failed to secure enough interest to float independently on the London Stock Exchange with an Initial Public Offering in 2023 and a proposed multimillion pound merger with Scottish CBD firm Voyager collapsed last April.
Read more at Jersey Evening Post